Yes, the first step is to either attempt to contact the owner directly or to post a Needs Maintenance log (which in turn alerts the cache owner via e-mail).
Once you have contacted the CO and gotten no response and/or placed a NM log and have seen no activity (especially when the owner actively logs into the site) you may want to place a Needs Archived log at that time. This will place it on NY Admin's radar and also send yet another e-mail to the owner. It will also officially warn other cachers that they probably should not be wasting their time looking through bushes for no good reason. Be sure to be polite when posting a NA log! There are too many snotty NA logs out there, in my opinon.

If you're not comfortable with posting a public NA log, you can e-mail the reviewer directly with the GC code and your assessment of the situation.
I think I know the cache you're talking about -- just a 1.5 difficulty, but since May 6 2009 it has had 8 DNFs and 1 find. it makes you wonder about that one find when it has just one single find in the last year and the rest are DNFs.

If it IS this cache, then the cache owner logged on yesterday and has had finds as recently as 4 days ago...not sure why you wouldn't have gotten a response.
SD: If it's the same cache I'm thinking of (and it may not be), I had a previous finder with me last week who also looked around with no luck.